Director general for international affairs of the National Iranian Oil Company Mohsen Qamsari said that Iran was diligently developing its liquefied natural gas (LNG) industry as an alternative to crude oil exports.

The official stated that global natural gas reserves have grown by 230% in the past three years while oil reserves have only increased by 2.7%. He stressed, "We must try to gain control of Indian and Chinese LNG markets which are close to our country and account for 45% of LNG consumption in the world."

In a related news item, managing director of Iran's LNG company Ali Kheirandish said that Chinese companies will likely finance the construction of an LNG plant in Assalouyeh, Bushehr Province.